Just months after the Taunton Press was sold to Active Interest Media last December, the new owners have sold off the Taunton Books imprint, to Abrams. AIM ceo Andrew Clurman said in the announcement, “After a review of the business and competitive landscape, it made sense for a larger trade industry player to be the home for the Taunton Books division. We feel that Abrams is the right fit and can provide focus on this business, allowing Active Interest Media to concentrate on its core competencies, producing consumer and trade magazines, websites, events, and education. We are working closely with […]
Finance
Acquisitions: Arcadia Publishing Acquires Dry Climate Studios
Arcadia Publishing has acquired Dry Climate Studios, an independent press that publishes picture and board books spotlighting cities, states, and regions across the US. Co-founder of Dry Climate Maria Kernahan will become a freelance writer and art director for the imprint. “Exploring the places that families across the country hold dear is at the heart of what we do at ACB,” said Arcadia’s publishing director of children’s books, Nancy Ellwood in a release. “Dry Climate’s beautiful books fit perfectly into our list, and we are delighted to bring them on board!”
S&S to Acquire Holland’s VBK, Furthering International Growth Strategy
Simon & Schuster has agreed to acquire VBK (Veen Bosch & Keuning), the largest publisher in the Netherlands, in an all-cash transaction. The deal is subject to regulatory approval in the Netherlands. This will be the first time S&S has owned a non-English language publisher, fulfilling its “long-cherished international ambitions.” In a memo to staff, S&S CEO Jonathan Karp wrote, “In the months since we became a standalone, independent publishing company, I have repeatedly stated that international publishing will be one of the key areas of growth for Simon & Schuster…. In joining with VBK, we believe that together we […]
Arnaud Lagardere Steps Aside As CEO, Facing Criminal Charges
Lagardere ceo Arnaud Lagardere was questioned by a judge and charged with “vote buying, abuse of power and breach of trust, disseminating false or misleading information and failure to publish accounts,” according to Bloomberg. As a result he was required to step aside at least temporarily as the company’s ceo. “He was placed under judicial supervision with a ban on management and the obligation to provide a bond of €200,000,” a source told the FT. Judges will decide later whether the charges go to trial. The charges come as the result of an investigation that was started in 2021 — […]
More On Barnes & Noble Education’s Funders
In documents filed with the SEC, Barnes & Noble Education provided more granular detail on their fresh infusion of capital. New controlling equity-holder Immersion Corporation is investing through their subsidiary Toro 18 Holdings. Of the $50 million in new equity investment, $45 million is coming from Toro 18, and the remaining $5 million is coming from VitalSource. For the additional $45 million fully backstopped equity rights offering, Toro 18 accounts for a commitment of up to $35 million of the stock, with Outerbridge Capital Management taking $5 million—they hold a board seat, and likely lost big on their significant holding […]
Barnes & Noble Education Is Saved By Unlikely New Investor and Current Lenders
Barnes & Noble Education announced on Tuesday a complicated plan to raise new capital to keep the company going. The unlikely new lead investor is Immersion Corporation, a publicly-listed “developer and licensor of touch feedback technology, also known as haptic technology,” which “has been accused of being a patent troll.” Immersion has a market cap of about $225 million. Immersion “leads” an investor group that will put $50 million of new capital into BNED along with a $45 million “fully backstopped equity rights offering.” About $20 million of that new money will go to transaction costs, leaving BNED with $75 […]